Motor industry groups have given a mixed response to yesterday’s report from the Financial Conduct Authority, which highlighted certain dealer reward structures in motor finance and a need for clarity about commission payments.
The Financial Conduct Authority has analysed loan data from 20 motor finance providers, plus its own mystery shop exercise and a survey of lenders that examined how they assess affordability and exercise control over credit brokers including car dealers.
The Financial Conduct Authority is considering banning certain commission models in the motor finance sector due to its concerns about harm to consumers.
Last month, I commented on the forthcoming FCA motor finance market study, in particular on commission structures. I wanted to reflect on discussions I have had across the market.
The Financial Conduct Authority (FCA) has opened consultation on new rules which would require firms to publish General Insurance (GI) value measures data in a bid to improve transparency for consumers.
The IMI has added F&I accredited salespeople to its professional register as part of an Alphera-supported scheme to improve transparency and satisfaction.
Alphera has launched a new car finance incentive scheme which has been designed with the specific purpose of promoting FCA compliance among car retailers.
My key reflection is that the market has progressively adopted higher standards over the past three years.
With the Financial Conduct Authority (FCA) set to publish the findings of its review of the motor finance sector in November, it’s fair to say that car dealer sales practices have never been under greater scrutiny than over the last 12 months.
The days of owning a car are numbered. It’s not about ownership anymore – it’s about usership.
Alphera Financial Services comments on the upcoming FCA findings of the motor finance sector and urges dealers to be more transparent with financial information
Car retailers have been warned not to breach the Financial Conduct Authority’s new Insurance Distribution Directive, which demands increased staff training in a bid to enhance consumer protection.
Lawyers who led large-scale PPI mis-selling claims are poised to turn their attention on PCPs following the conclusion of the Financial Conduct Authority’s (FCA) investigation into car finance, it has been claimed.
Car buyers’ lack of awareness about car dealers’ obligations when selling finance products suggests a “high potential for mis-selling of F&I products”, according to Alphera Financial Services.
The Financial Conduct Authority (FCA) has appointed Competition and Markets Authority (CMA) director Sheldon Mills as its new director of competition.
Findandfundmycar.com has announced that it will “break free from tradition” by offering zero-cost advertising to dealers.
Aston Martin Financial Services has signed up its UK dealer business managers to the new Finance and Insurance Accreditation Pathway developed by Alphera Financial Services in partnership with the Institute of the Motor Industry (IMI).
The Financial Conduct Authority has revealed that its GAP insurance sales legislation has led to an average fall in car dealers’ sales of between 16 and 23%.
Car buyers’ ‘increasing arrears and default rates for customers with the lowest credit scores’ are among areas of consumer credit which remain a concern, the FCA has stated in its annual report.
The Financial Conduct Authority (FCA) has issued 38 final notices to dealers in the first half of this year.
